In recent years, cryptocurrency has had a sharp rise in popularity and value. The uncertainties of the COVID-19 pandemic may have driven new investors in this space—especially the ultra-loose monetary policy response by central banks. The value of a single bitcoin has risen from under $10,000 in 2018 to over $66,000 at its high in October 2021.

Even governments have jumped on the crypto bandwagon. Many have invested in it, and some have even passed laws favoring it.

For example, El Salvador—a Bitcoin investor—passed legislation classifying Bitcoin as legal tender in June.